One of the dissadvantages of ING is not having a checking service to go with it. Sure, I can transfer money to my checking account, and then pay a bill, but that can sometimes take days. I don't write many checks anyway, but I do write "electronic checks" quite often. ING has a way higher interest rate than any checking account, so I wondered how I could maximize my interest. I wondered if it would be possible to pay my mortgage, credit cards, and other bills from ING directly. So, I picked up the phone and called them, and they said there was no way to do it.So I ventured out on my own and thought I'd give it a try... I mean heck, this is the digital age right? I went ahead and tried setting up payment of my Discover Card from my ING account, with a backup of paying through my checking account if it failed. When the discover bill came, I paid it from my ING account (Telling Discover to withdraw from ING) and it worked!I have sence setup my other credit cards, and even my mortgage to be paid directly from ING.Everything works, no fees, high yeild interest. Works almost like a checking accoung. All you need is you account number, ING's routing number, and a financial institution which can initiate the transfer from ING to them.Sorry if many of you have already figured this out, but I thought it was woth mentioning. Their routing number is hard to find, so if you can'tfind it, let me know, and I'll post it. :)tCF
One caution - you may want to check on the number of allowable "withdrawals" per month from ING accounts. A nagging voice in the back of my head says it's really a money market account governed by that Reg(Reg D ?) that limits it to something like 6 a month.rad
I would imagine this would count as one of the maximum six monthly transactions you can make - something to consider.
I'm not sure it is really a money market account. I see nothing about a limited number of transactions per month. I know I have at least 2 deposits and 4 withdrawls a month, sometimes more (like when my car insurance is dues etc...) and I have never seen a fee.I would be interested to know for sure though, because bank fees are very unFoolish. :)Any suggestions where to look other than http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccountandhttp://home.ingdirect.com/faqs/faqs.asp?s=OrangeSavings?I think I'll go see if I ever had more than 6 non-transfer withdrawls a month.tCF
It is a limit of 6 withdrawals per statement. Any number of deposits are OK. The relevant text is below (from one of your links) From http://home.ingdirect.com/faqs/faqs.asp?s=OrangeSavingsLimits on Withdrawals/Transfers from Your OSA: Pursuant to Federal law, you're only allowed to take money out of your OSA 6 times per monthly statement cycle ("Cycle"). If you repeatedly make more than 6 withdrawals during a Cycle, we may close your account. Under Federal law, we must reserve the right to require you to give us at least 7 days written notice before you take money out of your OSA. (This hardly ever happens but legally we have to say it!)Dawn
FYI, this wouldn't result in a fee if you did more than 6 withdrawls, but, as that quote said, they may close your account if you violate it repeatedly after warnings.So yes, there's no way ING can do this, but they can certainly be the recipient of ACH transfer requests. Just watch that limit.
That ING routing info is hard to find....I couldn't locate it. Can you post it for everyone?Thanks,Mark
When ING initially started in the US, they had a provision in their Account Disclosures that said that if you took money out of your account more than 6 times, they would convert your account to an interest checking account (!) with all the other terms remaining the same.I think the FDIC or the OCC leaned on them to remove that provision (maybe even the FTC, since they were advertising it as a savings account).However the federal regulation they're citing is subject to interpretation. Some banks say it's okay to take money out of your MM/Savings account at an ATM without costing you a withdrawal.
Call them up and say you need the info for filling out a direct deposit request form for your company. They'll give you the routing number.
Thanks jrr...your lead gave me the last clue I needed to find it on the ING website. No need to call them to ask for it.Just click on the "Direct Deposit Form For This Account" link when viewing your account details. The resulting page has the routing number on it.Mark
So I looked back through my transactions, and didn't see more than 6 external withdrawals in a month. I guess with all my activity mostly going first through my credit card, I never reach the limit of 6. Thanks for all the info! I'll definatly keep a closer eye on it.Still, I think paying the CC and mortgage directly from this accountis great for me.tCF
Ah ha, the actual direct link is herehttp://home.ingdirect.com/secure/terms_popup.htmlAlso, here is the routing number for all interested: 031176110tCF
tCF:That is certainly an interesting approach, but...There are at least two ways to pay most bills electronically.#1: Through the website of the company to which you owe money, and#2: Through your bank's bill pay service.I pay virtually all of my bills electronically. (I probably write fewer than five checks/year!)Using your method, I'd have to:Step 1: Go to the mortgage company's websiteStep 2: Sign onStep 3: Schedule a paymentStep 4: Go to my Electric Utility's website:Step 5: Repeat steps 1 - 3Step 6: Go to my Gas Utility's website:Step 7: Repeat steps 1 - 3Step 8: Go to my... well, you see the problem.Additionally, it means giving my bank's routing number and my checking account number to lots of different companies, creating multiple points for errors, fraud, or other problems.(When my cousin's mortgage company sold his mortgage, they continued to debit his checking account for two months! He eventually got it straightened out, but...)Here's how I do it:Step 1: Go to my bank's websiteStep 2: Sign onStep 3: Schedule payments for ALL my creditors.Step 4: There is no step 4!My automatic payroll deposit is split between my checking account and my ING account. I have enough to cover my regular bills go to my checking, with the balance going to ING.
Additionally, it means giving my bank's routing number and my checking account number to lots of different companies, creating multiple points for errors, fraud, or other problems.Anyone you write a check to, or initiate an ACH transfer to, has your bank's routing number and your checking account number.The problem is in situations where the numbers are entered into some online database, which means that any hacker anywhere might be able to get into it.
The problem is in situations where the numbers are entered into some online database, which means that any hacker anywhere might be able to get into it.Everything you wrote is true, but I don't think any of it undercuts my point.When I access my account, I enter a username & password, not my account number. When I'm successfully logged on, my account displays as xxxxxxx-123. So only the last 3 digits of my account are visible.Since my bank already knows their routing number and my account number, that info is never transmitted by them. (Well, so far as I know.)I have to admit that the main reason I do my bill pay through my bank's website is convenience, not security. I don't think my electric utility or mortgage company is scheming to defraud me. I'm more concerned about mistakes, like the one I mentioned in my previous post.
Since my bank already knows their routing number and my account number, that info is never transmitted by them. (Well, so far as I know.)So far as you know. A smart bank will use a dedicated account for their bill payments, and forbid outside ACH's on it. A lazy bank will just cut a check with your account and routing numbers on it. Unless you get a check that originated from your billpay, you can't know.
A lazy bank will just cut a check with your account and routing numbers on it. Yes, but even if they do, that data still isn't being sent through the net. It's being sent via the US Postal Service.My bank actually does both. When I pay my credit card bill or electric bill, it's via ACH. But some of my payees don't accept ACH transfers. For example, my water bill and my mortgage (!) are both paid by check.I can tell because when I schedule a payment, ACH transfers must be scheduled 2 business days in advance, while other payments must be scheduled 5 business days in advance (to allow for mailing time).Oh, and my bank (Bank One / Chase) debits my account on the date the check is printed, so they make a nice profit on the float. Even on ACH transfers, they claim it takes two days. If I schedule a payment to be made on the 10th of the month, they debit my account on the eighth, but they don't make the transfer until the 10th.
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